LDB MARTINIELLO: what changed
LDB MARTINIELLO
Largest movements
- Tangible fixed assets +€56,721
up €56,721 (+34.8%), from €162,806 to €219,527
of which Plant, machinery and equipment: +€55,510
- Cash -€17,333
down €17,333 (-74.3%), from €23,326 to €5,993
mainly Investment in fixed assets (net) (-€82,681) and Debts after one year (-€42,200)
- Stocks and contracts +€9,540
new in 2025: €9,540
- Deferred charges and accrued income +€5,337
new in 2025: €5,337
- Profit (loss) carried forward +€49,064
up €49,064, from -€34,834 to €14,230
- Debts after one year -€42,200
down €42,200 (-27.0%), from €156,549 to €114,349
- Tax, wage and social debts +€37,383
new in 2025: €37,383
of which Remuneration and social security: +€20,966
- Other debts +€13,472
up €13,472 (+117%), from €11,478 to €24,950
- Trade debts -€4,988
down €4,988 (-4.1%), from €121,415 to €116,427
- Gross operating margin +€239,976
up €239,976, from -€28,475 to €211,501
- Staff costs +€124,725
new in 2025: €124,725
- Depreciation +€25,960
new in 2025: €25,960
- Financial charges +€5,069
up €5,069 (+90.7%), from €5,587 to €10,656
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €296,312 | €350,747 | +€54,435 | +18.4% |
| Fixed assets | 21/28 | €165,776 | €222,497 | +€56,721 | +34.2% |
| Tangible fixed assets | 22/27 | €162,806 | €219,527 | +€56,721 | +34.8% |
| Plant, machinery and equipment | 23 | €162,806 | €218,316 | +€55,510 | +34.1% |
| Furniture and vehicles | 24 | - | €1,211 | +€1,211 | |
| Financial fixed assets | 28 | €2,970 | €2,970 | = | 0.0% |
| Current assets | 29/58 | €130,536 | €128,250 | -€2,286 | -1.8% |
| Stocks and contracts in progress | 3 | - | €9,540 | +€9,540 | |
| Stocks | 30/36 | - | €9,540 | +€9,540 | |
| Amounts receivable within one year | 40/41 | €107,210 | €107,380 | +€170 | +0.2% |
| Trade receivables | 40 | €100,469 | €107,380 | +€6,911 | +6.9% |
| Other amounts receivable | 41 | €6,741 | - | -€6,741 | |
| Cash at bank and in hand | 54/58 | €23,326 | €5,993 | -€17,333 | -74.3% |
| Deferred charges and accrued income | 490/1 | - | €5,337 | +€5,337 | |
| Total equity and liabilities | 10/49 | €296,312 | €350,747 | +€54,435 | +18.4% |
| Equity | 10/15 | -€32,834 | €16,230 | +€49,064 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,834 | €14,230 | +€49,064 | |
| Amounts payable | 17/49 | €329,146 | €334,517 | +€5,371 | +1.6% |
| Amounts payable after more than one year | 17 | €156,549 | €114,349 | -€42,200 | -27.0% |
| Financial debts | 170/4 | €156,549 | €114,349 | -€42,200 | -27.0% |
| Amounts payable within one year | 42/48 | €172,597 | €220,168 | +€47,571 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €39,704 | €41,408 | +€1,704 | +4.3% |
| Trade debts | 44 | €121,415 | €116,427 | -€4,988 | -4.1% |
| Suppliers | 440/4 | €121,415 | €116,427 | -€4,988 | -4.1% |
| Taxes, remuneration and social security | 45 | - | €37,383 | +€37,383 | |
| Taxes | 450/3 | - | €16,417 | +€16,417 | |
| Remuneration and social security | 454/9 | - | €20,966 | +€20,966 | |
| Other amounts payable | 47/48 | €11,478 | €24,950 | +€13,472 | +117% |
| Remuneration, social security and pensions | 62 | - | €124,725 | +€124,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €25,960 | +€25,960 | |
| Other operating charges | 640/8 | €772 | €1,096 | +€324 | +42.0% |
| Gross operating margin | 9900 | -€28,475 | €211,501 | +€239,976 | |
| Operating profit (loss) | 9901 | -€29,247 | €59,720 | +€88,967 | |
| Financial charges | 65/66B | €5,587 | €10,656 | +€5,069 | +90.7% |
| Recurring financial charges | 65 | €5,587 | €10,656 | +€5,069 | +90.7% |
| Profit (loss) for the period before taxes | 9903 | -€34,834 | €49,064 | +€83,898 | |
| Profit (loss) for the period | 9904 | -€34,834 | €49,064 | +€83,898 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,834 | €49,064 | +€83,898 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.